European shares closed flat on Wednesday, surrendering early session gains, as healthcare stocks felt the pinch from U.S. President Donald Trump's latest threat to impose higher tariffs on pharmaceutical imports. The pan-European STOXX 600 index closed 0.06% lower, breaking its two-day winning streak despite starting the session on a positive note. Healthcare stocks bore the brunt of the selling pressure. The sector index plunged 2.8% to its lowest level in more than three months after Trump unveiled a graduated tariff plan targeting pharmaceutical imports that could see levies on the...
The dollar edged up from a two-week low against its major peers in holiday-thinned trading on Thursday, though the yen headed for its strongest week in nearly three months on growing bets that Japan will hike rates in December. The yen slipped half a percent to 151.93 per dollar ,but with its 1.9% gain this week the currency has recovered losses suffered since the U.S. election. Markets see about a 65% chance the Bank of Japan will hike rates next month. The dollar index was marginally higher at 106.30 after suffering its steepest fall in four months that pushed it as low as 105.85 in the...
Gold edged higher as investors assess the outlook for US interest rates following inflation data on Wednesday that supported the case for a cut next month. Bullion rose 0.5% to $2,648.21 an ounce as of 10:53 a.m. in London, with pressure on the metal easing as a rally in the dollar lost steam. The greenback, which strengthened in the wake of President-elect Donald Trump's win, has weakened this week against other currencies amid month-end flows. A stronger dollar makes the metal more expensive for many buyers. The case for a December rate cut was bolstered by...
Oil prices were flat on Thursday after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1. Brent crude futures edged up by 8 cents to $72.91 a barrel by 0955 GMT while U.S. West Texas Intermediate crude futures were up 7 cents at $68.79. Trading is expected to be light because of the U.S. Thanksgiving holiday on Thursday. OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its weekend meeting to avoid a conflict with another event, the producer group said. The...
Silver prices dropped below $30 an ounce on Thursday, hitting 11-week lows as demand for the metal's safe-haven appeal waned and the outlook for its industrial usage weakened. The recent ceasefire between Israel and Hezbollah, brokered by the US and France, alleviated geopolitical tensions, reducing silver's appeal as a risk-off asset. Additionally, expect that the US Federal Reserve may adopt a more cautious stance on interest rate cuts weighed on silver prices. Economic uncertainty in China, the world's largest silver consumer, and concerns over the potential negative impact of US...
Oil prices fell on Thursday after a surprise jump in US gasoline inventories, with investors focused on an OPEC+ meeting later this week to discuss oil output policy. Brent crude futures were down 14 cents, or 0.2%, at $72.69 a barrel by 0401 GMT, while U.S. West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel. Trading is expected to be thin as the U.S. Thanksgiving holiday begins on Thursday. Oil prices are likely to maintain their near-term bearish momentum as risks of supply disruptions fade in the Middle East and from higher-than-expected U.S....